India News

Merger of 10 public sector banks to come into effect from today
Writer Admin

Ten Public Sector Undertaking (PSU) banks will be amalgamated into four banks from today, 1 April. In the biggest consolidation exercise in the banking space, the government in August 2019 had announced the merger of 10 public sector lenders into four bigger and stronger banks. With this, the number of public sector banks in India will come down to 12 from 27 in 2017. It was widely speculated that the government may defer the consolidation exercise for some time due to the novel coronavirus pandemic that has impacted our economy.

 

1) Oriental Bank of Commerce (OBC) and United Bank of India will be merged into Punjab National Bank (PNB). After the merger, these together will form the second-largest public sector bank in the country, after State Bank of India (SBI).

 

2) Syndicate Bank will be merged into Canara Bank, which will make it the fourth-largest public sector lender.

 

3) Indian Bank will be merged with Allahabad Bank.

 

4) Union Bank of India will be merged with Andhra Bank and Corporation Bank

 

Read More : https://www.livemint.com/industry/banking/merger-of-10-public-sector-banks-to-come-into-effect-from-today-10-points-11585632469446.html